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Sanghi Corporate Services Ltd.

BSE: 511640 Sector: Financials
NSE: N.A. ISIN Code: INE998M01012
BSE LIVE 13:47 | 23 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.50
PREVIOUS CLOSE 6.53
VOLUME 5
52-Week high 6.50
52-Week low 6.50
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.50
Sell Qty 395.00
OPEN 6.50
CLOSE 6.53
VOLUME 5
52-Week high 6.50
52-Week low 6.50
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.50
Sell Qty 395.00

Sanghi Corporate Services Ltd. (SANGHICORPSERV) - Auditors Report

Company auditors report

To the Members of SANGHI CORPORATE SERVICESLIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SANGHI CORPORATE SERVICESLIMITED ("the Company") which comprise the Balance Sheet as at March 31.2016. the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary' of significant accounting policies and other explanatory information

Management’s Responsibility for the Financial Statements

The Management and Board of Directors of the Company arc responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the Act’) with respect tothe preparation & presentation of these financial statements that give a true and fairview of the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act. read with Rule 7 of Companies(Accounts) Rules. 2014. Thisresponsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities:selection and application of appropriate accounting policies; making judgments andestimates that arc reasonable and prudent; design implementation and maintenance ofadequate internal financial controls that arc operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement

An audit involves performing procedures to obtain audit evidence about thcamounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statementsthat give a true and fair view in order to designaudit procedures that arc appropriate in the circumstances. Anaudit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s management and Board of Directors aswellas evaluating the overall presentation of the financial statements

We believe that the audit evidence we have obtained is sufficient and appropriate tofor our audit opinion on the financial statements

Emphasis of Matter

We draw attention to the following matters in the Notes to the financial statements;

a) Point (vii) (b) of Annexure to Audit Report A Sub Point .Vo. I of Point (C)in Note 15 of the which describes the uncertainty related to the outcome of the BlockAssessment by the Income Tax authorities up to the period of search and ascertained theliabilities to the extent of Rs. 360.47.377/- which has been disputed by the companybefore the higher authorities.

b) the Company has accumulated losses and ns net worth has been fully eroded thecompany has incurred a net cash loss during the current and previous years and. theCompany's current liabdities exceeded its current assets as at the balance sheet date.These conditions along with other matters set forth in Note 7. indicate the existence ofa material uncertainty that may cast significant douht about the Company's ability tocontinue as a going concern. However the financial statements of the Company have beenprepared on a going concern basis for the reasons stated in the said Note.

Our opinion is not modified in respect of these matters.

Opinion

Subject to aforesaid comment in our opinion and to the best of our information andaccording to the explanations given to us the aforesaid financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2016 itsloss and its cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 Oihc Order")issued by the Central Government oflndia in terms of sub-scction (1 I) of scctionl43 ofthe Act wc give in the Anncxurc A a statement on the matters Specified in paragraphs 3and 4 of the Order.

As required by section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report arc in agreement with the books of account;

d. In our opinion the aforesaid standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014;

c. On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31. 2016. from being appointed as a director in terms of Section 164(2) of theAct;

f. With respect to the adequacy of the Internal Financial Control over financialreporting of the company and the operating effectiveness of such control refer Anncxurc Bof this report

g. In our opinion and to the best of our information and according to the explanationsgiven to us. wc report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

(i) The impact of pending litigations has been duly disclosed in the financial pointno. vii(a) & (b) of Note 168

(ii) There has not been any occasion in ease of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund: hencethequestion of delay- in transferring such sums does not arise.

For Vivek R. Agarwal & Co.
Chartered Accountants
Vivek Agarwal
Place: Mumbai (Proprietor)
Date: 30.07.2016 M.No: 044372
FRN: 129058W

Annexure A to the Auditor’s Report

The Annexure referred to inindependent Auditor’s Report to the members ofSANGHICORPORATE SERVICES LIMITED on the Financial Statements for the year ended 31$t March.2016;

On the basis of such checks as xve considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

(i) (a) There is no Fixed Assets during the year;

(b) This clause is not applicable in view of clause a above;

(c) This clause is not applicable in x'icxv of clause a above.

(ii) The Management has conducted physical verification of inventory at reasonableintervals during the year; as informedto us no material discrepancies were noticed on suchverification.

(iii) The company hasnot grantedany loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Act

(v) The Company has not accepted any deposits from the public as covered underprovisions of Section 73 to 76 of the Act and rules made thereunder to the extent notified

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (I) of Section 148 of the Act for any of the scrx’iccsrendered by the company.

(vii) (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund. Employees’ State Insurance Income-tax.Sales-tax Value added tax Service Tax Cess and other material statutory dues asapplicable with the appropriate authorities in India. As informed provisions of CustomsDuty and Excise duty arc not applicable to the Company during the year under report;

(b) According to the information and explanations given to us and based on the recordsof the company examined by us. there arc disputed income tax dues for the followingassessment years:

Sr. No. Year Amount involved Remark
1 AY 1997 - 98 (Source : IT Site) Rs.3.02.9S7/- Appeal of the Honorable ITAT received in favour of the company and the IT department has not given effect of the order of Honorable ITAT. The company disagrees with demand and has submitted its reply to the IT Department to rectify there records in this regards.
2 AY 1999-2000 (Source : IT Site) Rs.6472689/- Appeal of the Honorable ITAT received in favour of the company and the IT department has not given effect of the order of Honorable ITAT. The company disagrees with demand and has submitted its reply to the IT Department to rectify there rccord-mjhis regards.
3 Block Assessment 1998 Rs.3.83.93.572/- As informed us by the company the matter is pending before the Honorable ITAT and undecided till date due to adjournments taken by the IT Department.

Subject to above there arc no material dues of Service Tax Sales Tax and Value addedtax which have not been deposited on account of any disputes. As informed provisions ofCustoms Duty and Excise duty are not applicable to the Company during the year underreport.

(viii) According to the information and explanations given to us and based on therecords of the Company examined by us. the Company has not defaulted in repayment of loansor borrowings to any financial institution. Bank or Government as at the Balance sheetdate. The Company has not issued any debentures and hence there are no dues to debentureholders during the year under report.

(ix) The Company did not raise any money by way of initial public offer orfurthcrpublic offer (including debt instruments) and term loans during the year. Hence paragraph3 (ix) of the Order is not applicable to it.

(x) According to the information & explanations given to us no material fraud bythe Company or on the Company by its officers or employees have been noticed or reportedduring the course of our audit.

(xi) According to the information & explanations given to us. the company does notpaying any managerial remuneration during the year.

(xii) In our opinion and based on our examination of records of the company theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable to the Company.

(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of Section 177 and 188 of the Act. The transactions with relatedparties entered into by the Company disclosures whereof arc made as per applicableAccounting Standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under report.Accordingly the provisions of Clause 3(xiv) of the Order are not applicable to theCompany.

(xv) According to the information & explanations furnished to us and based on ourexaminations of the records of the Company the Company has not entered into non cashtransactions with the directors or persons connected with them. Accordingly paragraph3(xv) of the Order is not applicable.

(xvi) In our opinion the Company does nothavc any deposits from public and is notrequired to be registered under section 45-1A of thcRcscrvc Bank of India Act 1934.

For Vivek R. Agarwal & Co.
Chartered Accountants
Vivek Agarwal
Place: Mumbai (Proprietor)
Date: 30.07.2016 M.No: 044372
FRN: 12905SW